Countrywide Farmers has confirmed that it has agreed terms to sell its retail business to Mole Valley Farmers.

Under the terms of the sale, Mole Valley will acquire the retail business which will include 48 of the 53 currently trading stores, support teams and IT operating systems for a value that is dependent upon stock levels in the business at time of completion.

Countrywide will retain all freehold properties, with Mole Valley entering into lease agreements as a tenant. The sale is subject to review by the Competition and Markets Authority, with completion expected to take place before the end of January 2018.

The retail business comprises 53 trading stores and a fully operational website supported by field, distribution and head office teams. The sale of the retail business will affect around 750 employees whom are expected to transfer to Mole Valley following consultation under the TUPE process. The stores that will not be transferring and will close are in Amesbury, Glastonbury, Honiton, Towcester and Wenvoe.

Countrywide Farmers chief executive John Hardman said: “We are delighted to have reached an agreement with Mole Valley Farmers. This represents an excellent opportunity to secure the future of our retail business with an established sector leading company.

“I would like to thank all of our staff who work within the retail business and have remained committed through a significant period of change and uncertainty. We are very grateful for their contribution and wish them all the very best for the future.”